Here we can see a Cup and handle pattern forming. The downward channel that was forming on Nio had a slight breakout with small follow through volume. Can we find the breakout volume to verify the pattern lets wait for a close above $4.00 to confirm the pattern. If the pattern does confirm then I would expect to buy he breakout and then look for a sell position in the range of $5.00 to $5.60. A 40% gain.
Trade active:
Cup and Handle still in play. Haven't seen the momentum for this trade but of course The China/US trade talks and tarrifs are effecting this industry. We are seeing that played out in this stock. We are still dancing on top of the trend line set back in February.
If the stock closes below 3.20 I would lick my wounds and would consider the next line of support at $3.03 where the peak on July 20th occurred . We are close so let's see what happens.
1 thing to look for:
Close below $3.20
Anything to Add or something I am not seeing always appreciated!.
GL traders Let's make some money
If the stock closes below 3.20 I would lick my wounds and would consider the next line of support at $3.03 where the peak on July 20th occurred . We are close so let's see what happens.
1 thing to look for:
Close below $3.20
Anything to Add or something I am not seeing always appreciated!.
GL traders Let's make some money